Ernst & Young Picks Polygon to Step Up its Enterprise Blockchain Products on Ethereum
EY’s main blockchain products, such as EY OpsChain and EY Blockchain Analyzer, will be linked with Polygon, enabling trades to be handled by Ethereum through the sidechain, as announced on Monday. EY highlighted that Polygon would provide its business customers with improved transaction capability as well as stable costs and settlement timeframes.
The company also announced that it is collaborating with Polygon to provide permissioned, private optimistic rollup networks. Rollups are a second-layer scaling platform that offers more safe and efficiency than transactions on the Ethereum mainnet.
Ernst & Young (EY), one among the “Big Four” consulting corporations, will link its blockchain platforms to Polygon to alleviate the throughput limitations of Ethereum’s mainnet, according to Paul Brody, EY Global Blockchain Leader.
“Collaborating with Polygon gives EY teams with a strong set of capabilities to scale trades for customers, as well as a quicker path to inclusion on the public Ethereum mainnet.”
Sandeep Nailwal, co-founder of Polygon, commended EY for its dedication to the Ethereum environment and open technological guidelines. While Ernst & Young has continued to improve its stage-two zero-knowledge proof protocol Nightfall, the company also assisted with the March 2020 introduction of the open-source Baseline Protocol.
Appetite for Ethereum scaling options has increased in the past few months, owing to the consistently high costs linked with mainnet transactions. As a result, the total value locked (TVL) on the Polygon network has increased from about $1 billion at the beginning of April to $8.5 billion today.